03 Feb 2012 11:28 AM:

Chindo,

 

I'm not sure but if I were in your shoes I would as I said contact Maria at Costaluz Lawyers the link is on this site (Above), I think you'll find a bank approach once you have a solicitor involved totally different.

 

Gavin

Thread: cam mortgage

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02 Feb 2012 12:56 PM:

Have you tried Dacion en Pago using a solicitor, if I were you I would contact Maria at Costaluz Lawyers for advice I was in a very similar situation with Bank of Valencia and used this to resolve the issue.

Thread: cam mortgage

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27 Jan 2012 12:00 AM:

I realise that there has been many discussion on Spanish property and repossessions over the last few years and much discussion on the Spanish procedure Dacion en Pago that effectively allows an owner to hand back the property to the Bank and cancel any existing debt.

I and my wife living in the UK found ourselves struggling to keep up repayments on our Spanish Mortgage in 2010, the mortgage was around 160K Euros and the property had dropped in value to 85K meaning we obviously couldn't sell, despite speaking with our Bank we hit a brick wall and were basically told if we didn't keep up repayments they would repossesse the property and come after us in the UK for the difference.

With this hanging our our heads I contacted Maria at Costaluz Lawyers who explained the princilpe of Dacion en Pago and assured us that even if the Bank didn't accept she was confident it would prevent them pursuing us in the UK.

I have to say at first we were very sceptical and didn't go down this route, however by early 2011 we felt we had no choice and instructed Costaluz Lawyers via Maria and Patricia Medina to begin the process.

At first the Bank (Banco Valencia) again refused our request, however over time after we had started the process the Bank offered us the Dation on the condition we make a one off payment of 10K Euros.

In late November 2011 we completed the Dation via Maria and Costaluz Lawyers and have now had our debt cancelled in Spain and can sleep not having to worry that we could be pursued in the UK.

Throughout the whole process Maria and her team were confident the could achieve this result, I have seen many posts saying this isn't possible however I can vouch having been though the process that there is an alternative to being stuck in a sitaution you can't see a way out of.

I can't thank or praise Maria and Costaluz Lawyers highly enough  and would encourage anyone thinking of beginning this process to contact Maria, the whole process took around six months and while things move slow in Spain its a graet relief to have been released from ths burden.

I realise this won't work for those living in Spain but for those stuck in negative equity and a large Spanish mortgage it offers an escape provided you have a good lawyer you can trust.

 

Gavin 

 

 

 

 

Thread: Dacion en Pago Costaluz Lawyers

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07 Dec 2011 4:45 PM:

Johnnie1uk,

Very simplistic and naive not everyone can live via that principle how does anyone buy there first property without borrowing simply isn't feasible unless you have a very rich Mammy and Daddy.

Also on your basis every bank would be bust!!

Thread: My Partner has a foreclosure notice on a property in Spain. She lives in the UK

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07 Dec 2011 3:49 PM:

Johnzx,

If its not the banks money and is as you say the Investors, why aren't all the profits returned to the Investors, If you buy shares your liability is capped at the amount you Invest and the shares you buy. If the company subsequently goes bust the shareholders lose their Investment they aren't liable for any additional losses not covered by by the assets of the business its called Limited Liability.

Why should a Bank be able to secure a loan and then if the asset doesn't covered the outstanding liability be able to pursue beyond the asset, its a ridiculous scenario that has encouraged banks to lend at levels they shouldn't have agreed, overvaluing houses to increase profits via larger interest payments safe in the knowledge if the debtor can't pay they can add costs additional interest and still chase the debtor till their dying day.

Theres's not an Investment in the world that's completely risk free so why should the Banks expect the debtor to carry all the risk, if the market fluctuates surely the bank should carry some of the risk therefore only be able to reclaim the ASSET IT SECURED THE DEBT AGAINST!.

You need to bear in mind its the Bank that values the asset not the debtor, also before anyone points out what happens if the property increases in value only the debtor benefits simply isn't true, as this then presents the Banks with a further opportunity to lend again to the next purchaser with a larger loan and therefore incresed costs and Interests. 

If the bank loses money blame those managing the business as we would in any other walk of life not the customer.

If the bank secures a loan to any commercial entity it secures against assets and can't go beyond those assets if the business fails, so why one rule for one, a different rule for others! 

Thread: My Partner has a foreclosure notice on a property in Spain. She lives in the UK

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